One of the biggest problems with buying or selling a short sale is the uncertainty of the approval process.
Here's how it generally works. A seller lists their home as a short sale, a buyer is found and the offer is submitted to the seller's lender for approval. Some lenders take months.before they accept, reject or counteran offer. If you are a first time buyer and can afford to wait, a short sale can be a great opportunity to purchasea home at an attractive price. If you offer isn't accepted, you can simply move on. But if you are a move-up buyer or a buyer who needs to move by a certain date, a short sale may not work for you. Lenders rarely respond by the dates specified in an agreement of sale. If you fall into this category, be prepared to make other living arrangements. There's a very good chance you may need to move from your current residence before youroffer is accepted or rejected. And what if your offer is rejected or countered at a price you're not willing to accept -  what will yo do then?In my opinion, this is the main reason why a buyer is not willing to pay market price in a short sale. They expect a discount to compensate for the waiting and uncertainty.If you are the seller in a short sale, it's not unusual for the first buyer to walk away. They either get tired of waiting or don't want to accept your lender's counter offer. But don't be discouraged. Once a price is approved by your lender, it generally gets easier to find a buyer. With an approved price, most of the waiting process has been removed and buyers can usually plan for a specific date. Each short sale is different. If you have specific questions, please feel free to give me a call or send an email.  My team is highly experienced and happy to help. Stan SimonShort Sale SpecialistColdwell Banker Realty OneServing Philadelphia, Bucks, Montgomery and Delaware Counties.1-866-736-3278Visit my short sales website for more information:www.philadelphia-short-sales.com